Peru: Exports record sharpest drop in almost three years
August 10, 2012
In June, exports declined 14.2% over the same month last year to USD 3.6 billion. The print followed the revised 12.5% contraction recorded in May (previously reported: -16.6% year-on-year) and represents, in fact, strongest decline since August 2009, as lower prices for minerals and weak global demand curved Peru's minerals exports. Meanwhile, imports dropped 1.0% in June (USD 3.2 billion), which contrasted the 10.9% expansion recorded in May. As a result, the trade surplus recorded USD 405 million, which was less than half the USD 971 million observed in the same month last year. The Central Bank expects exports to contract 1.1% this year, before bouncing back to a 7.7% expansion in 2013.
Author: Ricardo Aceves, Senior Economist